Personal Line of Credit

What is a Line of Credit?

A line of credit (LOC) is a preset maximum limit that can be drawn into at any time. The borrower can take money out as needed until the limit is reached, and as money is repaid.

What Do I Need To Apply

 In order to apply through Swift Money Now you must meet these minimum requirements.

• You must be at least 18 years
• United States citizen or legal resident.
• Verifiable source of monthly income
• Working email address
• Verifiable home and work telephone numbers.

Your state residence will determine the minimum age and if you are able to apply.

How Do I Apply For A Line Of Credit?

Just fill out the line of credit application with your basic information and the amount you want to borrow. Then click the submit button. From there you will receive an instant decision online. Get approved and the funds will be ready to draw on as soon as the next business day.

Pros and Cons When Considering a Personal Line of Credit

Pros:

• Borrow only what you need
• Interest only on funds borrowed
• Easy access to funds
• Lower APR on average versus than credit cards
• Unsecured credit line of credit risk none of your collateral
• No restrictions use it on what you want

Cons:

• Interest expense is not deductible
• If rates on interest increase, the variable rate on the line of credit also goes up
• Maintenance fees regardless if you use it or not
• Higher rates than fixed-rate installment loans. Predicting when rates will go up

Line of Credit Compared To Other Online Loans

Line of Credit: Ge’s you immediate access to bfunds when ever you need it and only start paying interest whenever you start to use it.

Payday Loans: Short-term, higher interest, loans, and usually due on your next payday.

Income Tax Loans: loan against your tax refund, higher rate of interest, shorter pay back period.